Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Navan delivered the kind of quarter that would normally support a stock: revenue rose 35% to roughly $233 million, gross booking volume jumped 45% to more than $3 billion, management raised full-year guidance, and adjusted earnings slightly exceeded expectations.</li><li>Yet investors responded by sending the shares down 22% in their largest percentage decline since the company’s IPO.</li><li>The reason was equally striking.</li></ul>

Navan delivered the kind of quarter that would normally support a stock: revenue rose 35% to roughly $233 million, gross booking volume jumped 45% to more than $3 billion, management raised full-year guidance, and adjusted earnings slightly exceeded expectations.Yet investors responded by sending the shares down 22% in their largest percentage decline since the company’s IPO.The reason was equally striking.

Navan Beat Earnings, Crashed 22%—Did Wall Street Misread It?

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).</li><li>FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.</li><li>Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).</li></ul>

Sacra estimates that Navan generated $702M in revenue for the fiscal year ended January 31, 2026, up 31% year-over-year, on $9.1B in gross booking volume (+38% YoY).FY2026 marked Navan&#39;s first full year of positive non-GAAP operating income ($37M, versus a $25M non-GAAP operating loss in FY2025) and its first full year of positive operating cash flow ($34M) and free cash flow ($15M); GAAP net loss widened to $398M from $181M in FY2025, driven by stock-based compensation and other non-cash items post-IPO.Navan guided to FY2027 revenue of $866M–$874M (+24% YoY at midpoint) and non-GAAP operating income of $58M–$62M (~7% margin at midpoint), with Q1 FY2027 revenue guided to $204M–$206M (+30% YoY at midpoint).

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/navan-inc" target="_blank" data-smartkarma-citation="entities:45807:1" rel="noopener">Navan (NAVN US)</a> went public on 30 October 2025 right before the December 2025 cut-off for a US IPO index addition with a current market cap of $4.5bn.</li>
<li>Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria before the lock-up expiry.</li>
<li>Inclusion in Global indices is expected in February 2026, prior to lock-up expiry, and September 2026 following lock-up expiry.</li>
</ul>



Navan (NAVN US) went public on 30 October 2025 right before the December 2025 cut-off for a US IPO index addition with a current market cap of $4.5bn.
Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria before the lock-up expiry.
Inclusion in Global indices is expected in February 2026, prior to lock-up expiry, and September 2026 following lock-up expiry.


Navan (NAVN US): Last IPO Addition for US Index in December 2025

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.</li>
<li>The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.</li>
<li>Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.</li>
</ul>


Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.
The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.
Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.


Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut

<ul>
<li>Their gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.</li>
<li>According to our sources, the deal is multiple-times oversubscribed with strong conversions from long-only accounts and 1-on-1 meetings.</li>
<li>With profitability on the horizon and a strong operational profile, investor reception, we believe, is likely to be well-received.</li>
</ul>


Their gross margin improved from 60% in fiscal 2024 to 68% in fiscal 2025.
According to our sources, the deal is multiple-times oversubscribed with strong conversions from long-only accounts and 1-on-1 meetings.
With profitability on the horizon and a strong operational profile, investor reception, we believe, is likely to be well-received.


Navan Inc. (NAVN):Demand Strong for Upcoming AI-Powered Booking System IPO

United States

Navan, Inc. provides software solutions. The Company offers a platform that allows users to book, view, and manage their business travel and expenses. Navan serves customers worldwide.

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Navan (NAVN US)

Navan Beat Earnings, Crashed 22%—Did Wall Street Misread It?

Navan delivered the kind of quarter that would normally support a stock: revenue rose 35% to roughly $233 million, gross booking volume jumped 45%...

Baptista Research

Primer: Navan - 19 Apr 2026

Tool for corporate travel booking, expense management, and corporate card reconciliation

Sacra

Navan (NAVN US): Last IPO Addition for US Index in December 2025

NAVN went public on 30 October, just ahead of the US IPO index cut-off, and is set for inclusion in three US indices this December with a current...

Dimitris Ioannidis

Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut

Navan Inc. priced its IPO at $25/share, raising $922 million, but stock opened below at $22 and faced investor skepticism over long-term...

IPO Boutique

Navan Inc. (NAVN):Demand Strong for Upcoming AI-Powered Booking System IPO

Strong investor interest in a company with improving gross margins and profitability outlook is expected to lead to positive reception.

IPO Boutique

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Navan Beat Earnings, Crashed 22%—Did Wall Street Misread It?

Navan delivered the kind of quarter that would normally support a stock: revenue rose 35% to roughly $233 million, gross booking volume jumped 45%...

Baptista Research

Primer: Navan - 19 Apr 2026

Tool for corporate travel booking, expense management, and corporate card reconciliation

Sacra

Navan (NAVN US): Last IPO Addition for US Index in December 2025

NAVN went public on 30 October, just ahead of the US IPO index cut-off, and is set for inclusion in three US indices this December with a current...

Dimitris Ioannidis

Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut

​Navan Inc. priced its IPO at $25/share, raising $922 million, but stock opened below at $22 and faced investor skepticism over long-term...

IPO Boutique

Navan Inc. (NAVN):Demand Strong for Upcoming AI-Powered Booking System IPO

​Strong investor interest in a company with improving gross margins and profitability outlook is expected to lead to positive reception.

IPO Boutique

Navan Inc. priced its IPO at $25/share, raising $922 million, but stock opened below at $22 and faced investor skepticism over long-term...

Strong investor interest in a company with improving gross margins and profitability outlook is expected to lead to positive reception.